Commodity Price Outlook | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Q1 | Q2 | Q3 | Q4F | Q1F | Q2F | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | |
Crude Oil (WTI, $US/bbl) | 46 | 28 | 41 | 42 | 45 | 47 | 49 | 50 | 51 | 52 | 53 | 54 |
Natural Gas ($US/MMBtu) | 1.91 | 1.71 | 1.99 | 2.60 | 2.80 | 2.70 | 2.60 | 3.00 | 3.10 | 2.90 | 2.80 | 3.15 |
Gold ($US/troy oz.) | 1582 | 1714 | 1909 | 1875 | 1875 | 1850 | 1850 | 1825 | 1800 | 1775 | 1750 | 1725 |
Silver ($US/troy oz.) | 16.90 | 16.38 | 24.26 | 24.15 | 24.15 | 24.00 | 24.00 | 23.50 | 23.25 | 23.00 | 22.75 | 22.50 |
Copper (cents/lb) | 255 | 243 | 296 | 320 | 320 | 321 | 323 | 324 | 319 | 315 | 312 | 310 |
Nickel ($US/lb) | 5.76 | 5.56 | 6.46 | 7.15 | 7.33 | 7.35 | 7.37 | 7.38 | 7.35 | 7.37 | 7.05 | 7.05 |
Aluminum (cents/lb) | 77 | 68 | 77 | 86 | 86 | 86 | 84 | 81 | 78 | 78 | 75 | 75 |
Wheat ($US/bu) | 6.60 | 6.46 | 6.36 | 6.81 | 6.83 | 6.84 | 6.84 | 6.84 | 6.82 | 6.80 | 6.77 | 6.75 |
F: Forecast by TD Economics as at
December 2020. All forecasts are period averages. Source: Bloomberg, TD Economics, USDA (Haver). |